Hugo
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Hugo in HTO Trading,

Russell 2000: On track to a weekly resistance

Since the beginning of the year the index fell more than 1.5% however last week rose more than 3.5% and is in a recovery phase since the beginning of March 2016.

Last week the index rallied with a wide range and closed near the high of the week, in addition managed to close above previous week high, suggesting a strong bullish momentum.

The Stochastic is showing a strong bullish momentum and is above the 50 mid line.

Expecting an upward move to a weekly resistance at 1,170 (scenario 1) on a break above the previous week high at 1,115 or a bounce from a weekly support at 1,078 may push the index up to a weekly resistance at 1,170 (scenario 2).